Parley: Yes, or No?

2 December 2021

By Royal Flushes

CINDY: You win a bet and then quickly put the winnings on top of your original bet. You now are risking double to win twice as much as you normally wagered. Is this is a good idea or not?

ABBY: You are talking about parleying your winnings. Just go back up with all of it. This is also called the Paroli System. You do it three times. You bet $10, you win, now you bet $20. You win and now you bet $40. If you win that you take your bet back down to $10. You have now won $70 instead of just $30 had you flat bet that $10. This could be the most popular betting system that players use in the casinos.

CINDY: Right off the bat, you realize that the house edge will work on all the money you wager. Just because you won and now are betting more does not mean that the “more you bet” because you just won a few bets means the less the house edge becomes. That’s not how it works.

ABBY: It is a far safer system than the Martingale where you double up your bet after every loss. You keep trying to win that initial bet by this doubling but sooner or later you hit a streak that wipes you out.

CINDY: The player who is parleying does not think of the “extra” money that he is betting as his or her money. The thought is that the real loss is only that initial $10. So, it seems a far safer system to play than a Martingale.

ABBY: But is it really? Well, I can say “yes” but it is a “yes” with qualifications. You will probably not hit a devastating loss as you ultimately will with the Martingale. However, that money you lose is not just $10 if you fail to complete the parley three times.

CINDY: Correct! It is your money that you lose. Players have to realize that whatever money they win at the casino at any time in the game is now their money. When you parley your winnings, those winnings are not the casino’s money. Those winnings are your money. Too many players have this idea in their heads that they are playing with the casinos money when they won that money. No sir! That money belongs to the player and should be thought of as their money. It is as simple as that. When you increase your bet you are increasing by using your money.

ABBY: When we play in a casino sometimes the logic of real money escapes us. We are risking our money in order to add to our money. Nothing more, nothing less.

CINDY: Okay, is the Paroli system good or bad?

ABBY: The more you bet, the bigger the casino’s ultimate victory over you. That is a simple fact of a casino player’s life. Thus, I say no. It is better to just flat bet all the way. If you keep your money contained then you also keep your possible losses contained.

CINDY: You know, of course, that advice tends to go against how players actually feel when they play? Can you answer this? Which is the better system? You have to choose one of the two, Martingale or Paroli?

ABBY: Paroli.